The Prime Minister Svanidhi Yojana is a government scheme launched in June 2020 to provide financial assistance to street vendors. The scheme is aimed at empowering street vendors and helping them resume their business activities, which have been adversely affected by the COVID-19 pandemic. In this article, we will discuss the Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Yojana PM SVANidhi Yojana, its benefits, and the process of registration.
What is PM Svanidhi Yojana?
Pradhan Mantri Svanidhi Yojana is a scheme launched by the Ministry of Housing and Urban Affairs (MoHUA) in collaboration with the Small Industries Development Bank of India (SIDBI). The scheme is aimed at providing affordable working capital loans of up to Rs. 10,000 to street vendors who were vending on or before March 24, 2020. The loans are provided at an interest rate of 7% per annum, and the repayment period is up to 12 months.
Benefits of PM SVANidhi Yojana
The Pradhan Mantri SVANidhi Yojana offers a range of benefits to the street vendors, who are one of the most impacted groups due to the COVID-19 pandemic. Here are some of the benefits of the scheme:
Under the PM SVANidhi Yojana, street vendors can avail of a loan of up to Rs. 10,000, which can be repaid in monthly installments within a year. The scheme aims to provide working capital to the street vendors to resume their business operations.
The Pradhan Mantri SVANidhi Yojana aims to make street vendors digitally empowered by providing them with a unique digital identity. The vendors can access the PM SVANidhi Portal to register for the scheme and track the status of their application.
The Prime Minister Svanidhi Yojana offers an interest subsidy of 7% to the street vendors who repay their loans on time. The interest subsidy will be credited to their bank accounts through direct benefit transfer (DBT).
The SVANidhi Yojana provides collateral-free loans to the street vendors. The vendors can avail of the loan without providing any collateral or guarantor.
The PM SVANidhi Yojana also aims to provide skill training to the street vendors to enhance their business skills and improve their livelihoods.
To be eligible for the SVANidhi Yojana, an applicant must meet the following criteria:
- The vendor should possess a valid identity card issued by the respective Urban Local Body (ULB).
- The vendor should have been vending in the same urban area for at least one year prior to 24th March 2020.
- The vendor should not own a shop, or any type of business outlet.
Vendor Markets/Rehri Markets/Weekly Markets
- The vendors operating in the notified area of the vending zone or vending market should possess a valid identity card issued by the respective Urban Local Body (ULB).
- The vendors should have been vending in the same urban area for at least one year prior to 24th March 2020.
- The vendor should not own a shop or any type of business outlet.
How to Apply for PM SVANidhi Yojana?
To apply for the PM SVANidhi Yojana, street vendors can follow these steps:
- Visit the PM SVANidhi Portal at pm-svanidhi.mohua.gov.in
- Click on the “New Registration” tab and enter your Aadhaar number.
- Enter your personal and business details.
- Upload the required documents, including a photograph, bank account details, and business address proof.
- Submit the application form and wait for the approval.
Once the application is approved, the street vendor will receive a certificate of vending, which will be valid for one year. The vendor can use this certificate to avail of the loan from any of the participating banks.
The Atmanirbhar Nidhi SVANidhi Yojana is a much-needed initiative to support the street vendors who have been severely impacted by the COVID-19 pandemic. The scheme provides financial assistance, digital empowerment, interest subsidy, collateral-free loans, and skill training to the street vendors. The online application process through the PM SVANidhi Portal has made it easy for the street vendors to apply for the scheme. The scheme has the potential to uplift the livelihoods of millions of street vendors across the country.
The PM SVANidhi Yojana is a scheme launched by the Government of India to provide financial assistance to street vendors affected by the COVID-19 pandemic.
A street vendor can avail of a loan of up to Rs. 10,000 under the Prime Minister’s SVANidhi Yojana.
No, the PM SVANidhi Yojana provides collateral-free loans to the street vendors.
The PM SVANidhi Yojana offers an interest subsidy of 7% to the street